Annual inflation in Turkey jumps to 78.6%, the highest level in 24 years

Turkey’s annual inflation rate jumped to a 24-year high of 78.62 percent in June, slightly above expectations, data showed on Monday, driven by the impact of the Ukraine war, rising commodity prices and the depreciation of the lira.

The Turkish Statistical Institute said consumer prices rose 4.95 percent month-on-month, compared to expectations in a Reuters poll of 5.38 percent. On an annual basis, the CPI was expected to come in at 78.35 percent.

The producer price index jumped 6.77 percent month-on-month in June, posting an annual increase of 138.31 percent.